Washington Seeks to Put More Annuities in Employer Plans

January 10, 2018

A bipartisan bill introduced in the House of Representatives aims to help employers offer annuities in their retirement plans, ThinkAdvisor writes.

Introduced Monday by Reps. Tim Walberg, R-Mich., and Lisa Blunt Rochester, D-Del., the Increasing Access to a Secure Retirement Act seeks to ensure employers abide by their fiduciary duty when offering products with guaranteed lifetime income in their retirement plans, according to ThinkAdvisor. The bill would require employers conduct a thorough search for insurers financially capable of meeting their obligations and ensure the products’ relative costs are reasonable, according to the bill.

The bill would not require employers to choose the lowest-priced products but they would be required to conduct periodic reviews, according to the bill.